The Trump administration is exploring an initial public offering of mortgage financiers Fannie Mae and Freddie Mac that could begin later this year, according to reports from the Wall Street Journal and Bloomberg citing senior officials. The government is weighing the sale of roughly 5% to 15% of the companies’ stock, which it believes could raise about $30 billion and value the pair at more than $500 billion combined—surpassing the record $29.4 billion listing of Saudi Aramco in 2019. An IPO would mark the most significant step toward reprivatizing the government-sponsored enterprises since they were placed under federal conservatorship during the 2008 financial crisis. Their shares were delisted from the New York Stock Exchange in 2010 but continue to trade over-the-counter. Despite returning billions of dollars in dividends to the Treasury, the firms remain controlled by the Federal Housing Finance Agency. Officials are still deciding whether to float the entities jointly or as separate listings and whether they would remain in conservatorship after the share sale. Bank chief executives from Citigroup, Goldman Sachs, JPMorgan Chase, Bank of America and Wells Fargo have met with President Donald Trump in recent weeks to discuss the complex transaction. No final decision has been made, and the structure could still change before any prospectus is filed.